Jindal Steel and Power acquires AP-based Kineta Power.

Jindal Steel and Power (JSPL) has acquired a 100 per cent stake in Kineta Power, a privately-owned coal-based 1,980 MW power plant in Nellore district of Andhra Pradesh, for an undisclosed sum.

Confirming the deal, JSPL's Managing Director and CEO Ravi Uppal told PTI that the deal was signed three-four months ago. It has all the statutory clearances, he added.

'Kineta project we have acquired. We wanted to come to Andhra Pradesh, that's why we acquired that site. That is a good site, 8 km from the sea coastline. It is a virgin site with environment clearance, land title clear,' he said.

Asked about the details, he said the acquisition was done 'about 3-4 months ago. It has clear titles, boundary walls, all statutory clearances are there. The capacity will be between 3 units of 660 MW or 2 units of 800 MW'.

HBL